California Insurance Code

§ 922.1

INS § 922.1 Effective Jan 1, 1997Div. 1 · Part 2 · Ch. 1 · Art. 10

Statute text

The Legislature declares its intent that:

(a)In some instances, it is appropriate for the protection of insureds, insurers, and the public generally, that assuming insurers be required to provide security for the payment of their reinsurance obligations.

(b)Where such security is provided and upon the insolvency of the assuming insurer or initiation of receivership proceedings against it, the commissioner shall have the authority to determine whether it is in the best interest of insureds, claimants, and insurers to retain such security in the United States, to allow the filing of claims against the assuming insurer in the United States, and to have such claims valued in a United States proceeding subject to United States laws.

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Legislative history

Repealed and added by Stats. 1996, Ch. 840, Sec. 2. Effective January 1, 1997.